The Directorate of Enforcement (ED) in Gurugram has filed a prosecution complaint before the Special Court (PMLA) at Tis Hazari, Delhi, against 25 individuals and entities for causing a loss exceeding Rs950 crore to a consortium of nine lender banks.
The ED initiated the investigation based on an FIR registered by the CBI’s Anti-Corruption Branch in Chandigarh against Sunstar Overseas and its former directors, Rohit Aggarwal, Manik Aggarwal, and Sumit Aggarwal, among others. They are charged under various sections of the IPC, 1860, for fraud, criminal misappropriation, criminal breach of trust, cheating, and causing wrongful loss to the banks.
During the investigation, the ED conducted searches in January 2024 and arrested three individuals—Rakesh Gulati, Paramjeet, and Ajay Yadav—in July 2024. They were allegedly found to be involved in a conspiracy that diverted loan funds to regain control of an insolvent company.
In the prosecution complaint, the ED claims to have pierced the corporate veil, revealing how the accused diverted funds to take over the company during National Company Law Tribunal (NCLT) proceedings. The ED asserts it has proven how funds were siphoned from the accused company to facilitate its acquisition through a dummy company, which was falsely presented as independent and successful during the NCLT proceedings. Additionally, the company allegedly diverted public funds outside India and into other family businesses.